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Mortgage Pre-Approval Is Important

When you begin shopping for a new Naples, FL home it is important that you get pre-approved for a mortgage.  The loan officer may use two different terms when discussing this with you - pre-qualification and pre-approval – these are not the same thing.

Pre-qualified means that according to your credit history, the amount of outstanding debt you have and your present income and assets you should be able to repay a mortgage of a certain amount.  This is a quick and easy way to check the home price range you should consider.  But it is not considered a PRE-APPROVAL.

When you get pre-approved it means that the loan officer has had an in depth search completed and that you are approved for a specific amount.  This depends upon the home you are buying meeting certain standards as to its value – and – of course that your circumstances don’t change.  When your real estate agent sees that you are pre-approved he/she will know what homes to show you and realize that you are serious about buying a new home. Furthermore, the seller will consider you a “cash buyer” and give your offer  more favorable consideration.  If a seller receives more that one offer and one offer is pre-approved and the others are not, sellers generally chooses the pre-approved offer, even if it is for less money, because the know there is no waiting, for possibly months, to get a loan approval.   When you are in a  hot buyers market and need to act fast  the competing buyer with a pre-approval in hand will win.

Becoming pre-approved is generall a quick andeasy process.  Just be sure to take all of your documentation with you

  • Pay stubs and W2s (for at least two years)
  • Three months of bank statements
  • If you are self-employed, you will need tax returns from the last two years
  • Divorce decree (if applicable)
  • Loan documents on your current home (if applicable)
  • You pay have to pay for the credit reports required for pre-approval and most lenders do not charge for a pre-approval.

It is worth remembering that when it come time to obtain the loan - you are under no obligation to use that lender for the loan.

MORTGAGE RATES                                    FINANCIAL PREPARATION

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